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Recovery Report: Western Gas Partners L.P.'s Recovery Rating Profile Jun 11
Standard & Poors, June 2011
Abstract
On May 9, 2011, Standard & Poor's Ratings Services assigned an issue-level rating of 'BB+' and a recovery rating of '3' to the senior unsecured notes of midstream energy company Western Gas Partners LP (WES). WES was formed by Anadarko Petroleum Corp. (BBB-/Negative/--), which continues to drop down assets to WES, and retains significant limited ownership in WES in the form of general partnership interests and limited partnership interests. WES is highly dependent on the revenue it receives from its contracts with Anadarko, which made up 84% of revenue in 2010. Anadarko also acts as a swap counterparty for WES. Our simulated default scenario for WES contemplates distress at Anadarko resulting from an extended period of very low natural gas...
Companies mentioned in this report are: Anadarko Petroleum Corp.,Western Gas Partners LP
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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